National CineMedia lines up $55 million exit loan via CIT Northbridge

By Sarah Lizee

Olympia, Wash., June 23 – National CineMedia, LLC has lined up a $55 million exit senior revolving credit facility with CIT Northbridge Credit LLC as agent and lender, according to documents filed Thursday with the U.S. Bankruptcy Court for the Southern District of Texas.

The facility carries a three-year maturity and bears interest at adjusted term SOFR plus 375 basis points while monthly average usage is less than 50%, and SOFR plus 450 bps otherwise. Adjusted term SOFR is equal to one-month SOFR plus 11.5 bps.

Default interest would be 3% above the rate otherwise applicable.

There is a 1.25% upfront fee, an unused facility fee of 0.5% of the unused portion of the revolver, a 0.15% collateral management fee earned on the closing date and each anniversary after that, and a 3% prepayment premium in the first year, dropping to 1% in the second year, then 0.5% in the third year, and zero after that.

The facility includes a $500,000 sublimit for letters of credit.

The closing date is expected for Aug. 17.

The company is seeking approval from the court to enter into and perform under the proposal letter regarding the exit facility.

National CineMedia is a Centennial, Colo.-based integrated media company. The company filed bankruptcy on April 11 under Chapter 11 case number 23-90291.

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